Short Interest in Belite Bio, Inc (NASDAQ:BLTE) Grows By 17.1%

Belite Bio, Inc (NASDAQ:BLTE) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 81,300 shares, a growth of 17.1% from the February 13th total of 69,400 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average trading volume of 46,300 shares, the short-interest ratio is presently 1.8 days.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BLTE shares. Benchmark upped their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a report on Tuesday.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Preferred LLC bought a new position in shares of Belite Bio during the 4th quarter valued at approximately $52,000. GAMMA Investing LLC grew its position in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Belite Bio during the 4th quarter valued at approximately $155,000. XTX Topco Ltd bought a new position in shares of Belite Bio during the 3rd quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. grew its position in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares during the period. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $67.69 on Thursday. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -60.98 and a beta of -1.54. Belite Bio has a 52 week low of $31.01 and a 52 week high of $86.53. The firm has a 50-day moving average price of $59.01 and a two-hundred day moving average price of $60.66.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, sell-side analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.